Coming from the man whose signature accomplishment led to the repeal of the Depression-era law that separated the businesses, the comments marked a stunning turnaround. Weill was an architect of Citigroup, merging his Travelers Group with Citicorp in 1998, a marriage that helped push Congress to change the law Weill has called “archaic.”

His remarks Wednesday mean the two most responsible for Citigroup now believe that a bank such as Citigroup shouldn’t be created — at least not in today’s world.